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Beyond Supply and Demand: How Artworks are Priced?

The pricing of artworks is not a simple matter. And while the basic economic principles of supply and demand do still apply to the art market, the factors that contribute to an artist’s “supply,” or the availability of their art for sale, and an artist’s “demand,” or how many collectors are willing to buy their work and at what price, are quite complicated.

Here Artspace breaks down the factors that contribute to an artist’s supply and demand, and thus the price of their artworks.